Trade of the Day: AUD/NZD

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ChartViper Trade of the Day

AUD/NZD continues to rise inside the daily Falling Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 6-bar level – which is the result of the slower Initial Trend (4 bars), strong Uniformity (8 bars) and strong Clarity (8 bars). AUD/NZD is expected to rise further inside this Falling Wedge.

As can be seen from the daily AUD/NZD chart below – the pair earlier broke the resistance level 1.0750 (top of the Shooting Star from the middle of May), intersecting with the 50% Fibonacci correction of the downward impulse from April. These price levels are acting as the support levels after they were broken. The proximity of these support levels adds to the probability AUD/NZD will continue to rise inside this Falling Wedge.

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